The proposed legislation, known as the Business Innovation and Startup Commission Act, aims to establish a commission dedicated to fostering entrepreneurship, startups, and business innovation in Nebraska. The act outlines the creation of the Business Innovation and Startup Commission, which will be responsible for planning, coordinating, and implementing programs that support business formation and growth. The commission will consist of various members appointed by the Governor, including representatives from state innovation hubs, rural businesses, chambers of commerce, economic development corporations, and educational institutions. The commission is tasked with evaluating barriers to business growth, studying access to capital, and making recommendations for improvements to the state's economic development policies.

Additionally, the act establishes the Business Innovation and Startup Fund, which will be utilized to support the commission's initiatives through grants and other financial assistance. The commission is required to submit annual reports detailing its activities, financial assistance provided, and progress towards creating a comprehensive business innovation ecosystem. These reports will also include measurable outcomes related to startup formation and participation from underserved communities, along with recommendations for any necessary changes to enhance the effectiveness of the commission's efforts.